TechFlow News, February 10: According to CoinDesk, the crypto market structure has diverged—memecoins have led gains while major assets have underperformed, and Bitcoin remains unable to firmly break above the $70,000 threshold. Market sentiment remains in the “Extreme Fear” zone on the Crypto Fear & Greed Index, following last week’s sharp sell-off. Derivatives data shows that Bitcoin futures short-side momentum continues to strengthen, with open interest declining to approximately $15.9 billion—indicating the market is undergoing deep deleveraging. Funding rates on Binance and Bybit have dropped to -7% and -8%, respectively, signaling that shorts are paying high costs to maintain their positions. The three-month basis remains at 3%, reflecting relatively low institutional participation. Defensive sentiment in the options market has eased somewhat, with call options’ share rebounding to 56%, suggesting some capital is beginning to attempt bottom-fishing. The implied volatility structure is also transitioning from extreme contango to a mixed structure, reflecting persistently high short-term hedging demand but stabilizing long-term volatility expectations.
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